Oil prices soar as US-Iran tensions escalate
Oil prices just shot up, with Brent crude hitting $91.84 a barrel amid escalating U.S.-Israel-Iran tensions.
West Texas Intermediate (WTI) also climbed to $89.62.
This is the first time Brent has crossed $90 since April 2024, and it's all tied to fresh tensions in the Gulf.
Strait of Hormuz sees many ships anchored as conflict disrupts trade
The Strait of Hormuz, a vital route for about 20% of the world's oil and gas, has seen many ships anchored as conflict disrupts trade.
Qatar's liquefied natural gas exports may be affected.
If production stalls completely, prices could rise sharply
Some ports in the region have reported disruptions, and some regional producers have expressed concerns about export disruptions.
Experts say if these closures drag on, we could see higher prices at the pump, rising inflation, and even more supply chain headaches—especially for countries that rely on imported energy.
If production stalls completely, prices could rise sharply and potentially revisit previous multi-year highs.